This week, Dogecoin, the pioneer memecoin, regained its prominence as its price surged above the 50-day ($0.16520) and 200-day EMA ($0.16858) levels on the 4-hour timeframe. Moreover, experts believe Doge might soon demonstrate a bullish move as the altcoin season is on its way.
According to Santiment data, in recent times DOGE has shown a growth in network engagement and transactional activity. Buyers are showing interest in DOGE, as evidenced by a 41% increase in its large transaction volume and a 34% surge in daily active addresses.
According to CMC data, Dogecoin (DOGE) price is currently trading at $0.17377 with an intraday drawdown of 2.83%, showcasing mild bearishness. Its market cap stands at 25.88 billion, and the daily trading volume was $1.68 billion.Â
Will Dogecoin Price Break Above the $0.200 Mark?
On the 4-hour timeframe, DOGE demonstrated a robust bullish momentum in the last 5 days. From the $0.14221 level it spiked to $0.18587, with a 22% upsurge by breaking above the 50-day and 200-day EMAs.
DOGE price is forming a bullish pattern and trying to hold the price above the $0.16858 level. It shows that buyers are active and trying their best to bounce back. The price is in the bulls’ grip, so any short-term sell-off may get easily absorbed near the 200-EMA support.
The recent rally in Dogecoin looks reliable because it is supported by a high buying volume. Till the DOGE price sustains above $0.16858, the bulls will be active, and the downside risk will remain low.
On the other hand, the resistance zone is in the range between $0.185 to $0.195. The next stage of the rally might begin if buyers are able to break above the $0.185 mark.
Also Read: Whales Drive Dogecoin Surge: Will DOGE Price Hit $1 in 2025?
